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My theme is that we have to be very careful in analyzing China. For thirty years, there have been prophecies that China’s growth engine will slow down; that the financial system will implode; that the Marxist-Leninist-Maoist state could not manage a market system without reforming. Some scholars argue that reforms have not occurred, so problems are piling up; others maintain that there have been major reforms, not least in the way that the country has been run, the development of markets and also the growth of a legal system, sometimes, but only very rarely, capable of challenging the party-state. I argue that China still has plenty of resources to be able to keep the growth engine moving. This is especially so in the labour supply, despite the slow down in the country’s demography. But I also agree with the recent world bank report, that growth will be much more achievable by reforms. These reforms, as has been the case in the past, challenge vested interests. These vested interests are at the heart of the party-state. It has ever been so.